The gold price was higher during Tuesday morning sessions, although it has yet to break back above the $1,100 per ounce level that it hit last week.
Spot gold was last at $1,088.90/1,0897, a $4.40 increase on the previous day’s close, although investors were sidelined ahead of the blockbuster US non-farm payroll data, scheduled on Friday.
The euro has strengthened and was last trading at 1.0964 against the dollar, although investors continue to expect a rate hike from the US in September this year which would see further increases on the dollar.
“We suspect we will continue to see a stronger greenback going into August. We believe that August will be the month that investors start to definitively discount the likelihood of a Fed rate move,” INTL FCStone analyst Edward Meir said.
In data, the EU has PPI scheduled, while the US has factory orders of note.
Meanwhile, market sentiment continued to remain negative for gold as money managers stayed net-short on bullion for a second week, ANZ Research noted.
Silver at $14.52/14.58 was little-changed from the previous $14.46, while platinum fell $6.50 to $950/955 and palladium at $596/601 was up $3.
The post Gold price inches higher, non-farm data eyed appeared first on The Bullion Desk.
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